Oil prices declined today due to apprehensions over the global demand outlook; however, prices received some support from an improvement in US jobs data and supply concerns.
Brent crude lost $1.23 to trade at $103.02 a barrel, while US oil fell $1.02 to $92.49, reported Reuters.
Prices came under pressure when the International Energy Agency (IEA) lowered its 2013 global oil demand growth projection on Thursday, after the US Energy Information Administration (EIA) and the Organization of the Petroleum Exporting Countries (OPEC) announced similar projections earlier this week.
IEA, in its monthly report, said global use of oil will increase by 795,000 barrels per day (bpd) in 2013, down 25,000 bpd over March predictions.
OPEC, in a report on Wednesday, lowered its consumption growth forecast to 800,000 bpd, while EIA lowered its estimate by 50,000 bpd to 960,000 bpd on Tuesday.
IEA has lowered its oil supply prediction for countries outside OPEC in 2013 for the first time in several months.
The agency said that deteriorating security in Libya and oil theft in Nigeria had led to a drop in OPEC output in March.
On-going supply concerns from the Middle East have kept Brent higher than $100 a barrel through most of 2012 and this year.
Investors are now keeping a close watch on the developments in North Asia, following an announcement by a US government agency that North Korea has a nuclear weapon it can mount on a missile.
Image: IEA has reduced its oil supply prediction for countries outside the OPEC in 2013. Photo courtesy of freedigitalphotos / think4photop.